Hyperloop One co-founder Shervin Pishevar has been accused by at least five women of sexual harassment or assault, according to a report. (Archive photo)

Early Uber investor and venture capitalist Shervin Pishevar said Tuesday he is taking an immediate leave of absence from his two companies after a report of alleged sexual misconduct last week.

Pishevar is the founder of Sherpa Capital and a co-founder of Virgin Hyperloop One. In a statement provided by his spokesman Mark Fabiani, Pishevar said the leave of absence from those companies and his portfolio-company board responsibilities was his decision.

“It is not one I took lightly and it was a difficult decision that was guided by Sherpa Capital’s abiding belief in service and putting others before ourselves,” wrote Pishevar. “I care deeply about the incredible teams at Sherpa Capital and our portfolio companies and Virgin Hyperloop One, and hope that my decision to take a leave of absence will eliminate any potential distraction to the great and important work being done at these companies.”

Pishevar’s decision follows a Bloomberg report last week citing at least five women who accused him of sexual misconduct.

Pishevar called the allegations against him a “smear campaign” and referred to his defamation lawsuit against a Republican-backed political opposition firm. His lawsuit accuses the firm of publicizing unconfirmed information about Pishevar allegedly sexual assaulting a woman in London. Pishevar said he will use the free time from his leave of absence to focus on the lawsuit, which was filed in November.

“Through the discovery process, I hope to unearth who fabricated the fraudulent London ‘police report,’ and who is responsible for spreading false rumors about me,” wrote Pishevar.

Pishevar became the latest among venture capitalists leaving their companies indefinitely or for good following sexual misconduct allegations. Others include Binary Capital co-founder Justin Caldbeck, 500 Startups founder Dave McClure and DFJ co-founder Steve Jurvetson. Similar to Pishevar, Jurvetson said he would focus on “taking legal action against those whose false statements have defamed me” in a tweet after he quit DFJ.

Most famous as an early Uber investor, Pishevar built a reputation as a political player in Silicon Valley, donating to various Democratic politicians over the years. But some are already turning their backs on Pishevar due to the allegations against him.

One account of misconduct detailed by Bloomberg involved Pishevar allegedly harassing an Uber executive at Uber’s holiday party in 2014.

An Uber spokesperson declined to comment Tuesday about Pishevar’s leave of absence from his companies, but referred to a previous statement it provided to this news organization last week: “We fully support those who have felt harassed speaking out, whenever and however they choose. We commend their bravery.”